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If σ → 0 (or ρ → −∞), the production function takes the Leontief form, and output can be produced only by using skilled and unskilled labor in ﬁxed proportions. If σ → 1 (or ρ → 0), the production function tends to the Cobb-Douglas case. AGENOR: “CHAP01” — 2006/11/9 — 12:35 — PAGE 29 — #22 30 Chapter 1 which is greater than unity as long as e > x 1/(σ −1) . 28 Most importantly for the purpose at hand, equation (8) also implies that ∂ ln ω = (σ − 1)/σ , ∂ ln e so that if σ > 1 (that is, ρ ∈ (0, 1) and labor categories are gross substitutes) then an increase in skilled labor’s effort increases the wage ratio.

4 capture these interactions between the formal and informal sectors. They help to illustrate how the adverse output and employment effects of macroeconomic shocks can be mitigated by a shift to informal production activities. 2 Urban Labor Mobility and the Harris-Todaro Framework An early model of labor market segmentation in developing countries is the migration model of Harris and Todaro (1970). The main objective of the model was to explain the persistence of rural-to-urban migration, despite the existence of widespread urban unemployment in developing countries.

They found some evidence of a negative employment effect of higher minimum wages for small domestic ﬁrms, but no effect for large ﬁrms, either domestic or foreign. One reason for this outcome may be that small ﬁrms tend to be more labor intensive, and therefore tend to adjust faster to changes in labor costs. Hiring and Firing Regulations Legislation on hiring, ﬁring and regulation of working time is aimed at providing protection to workers engaged in a contractual employment relationship. Although the exact nature of regulations varies considerably across countries, many developing nations provide extensive employment protection to workers in the formal sector, such as restrictions on ﬁrms’ ability to lay off workers without “proper” justiﬁcation or reason (the deﬁnition of “proper” sometimes being very narrow and subject to false claims), the requirement of long notiﬁcation periods prior to dismissal, generous severance arrangements that must be borne by ﬁrms, and administrative procedures that delay or prevent layoffs and plant closures.